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written by | April 18, 2022

What is the Process of Writing a Bank Statement Application?

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Most commercial businesses and individuals request their respective banks to summarize their economic activities either for the month gone by or a couple of months in the past. The reasons could be varied. Some of these could be to understand discrepancies, if any, or even to get an idea of excess CAPEX that could have occurred, payments made to dealers or wholesalers. Individuals often request a summary at the end of the financial year to file their returns. Some individuals who apply for higher studies abroad are requested to provide bank statements for the past 3 years. Whatever the reasons, the application for a bank statement is fairly simple and easy to make. At the onset, let us first understand what is a bank statement?

Did you know?

That you can apply for a bank statement online as well as offline though the latter may involve some additional fee charged by the bank. 

Meaning of a Bank Statement

Popularly referred to as an account statement, a bank statement is provided by your bank and details the various transactions that have occurred for a specific timeframe. Depending on the business or individual’s request for a specific number of months or the entire year, the statement showcases the following details:

  • The monetary balance in your account at the start and last date of the requested timeframe
  • Monetary withdrawals or payments made by the business or individual. This could be cash withdrawals or withdrawals by cheque, i.e., in the form of payments made to others.
  • Banks charge a separate fee for their services. The said statement gives details of such fees as well as penalties that the bank charges for any default or bounced cheques etc.
  • Business or individual accounts are credited with payments and salaries. The statement also reflects the interest paid by a bank or the amount of dividend credited in case of investments in the stock exchange.
  • A bank statement helps you understand the minutest details of all the financial transactions. In case you find some details incongruent with your financial activity, you can always take up the issue with your bank to resolve it at the earliest.

A typical format of a bank statement application includes the date on which you apply, the addressee (the manager of the said bank branch), and the postal address. There are many individuals who do not know how to write a bank statement application, as almost everyone engages with online services. The procedure is very simple.

The subject line should clearly indicate the timeframe for which the statement is required. You address the manager with your request and furnish your details which include:

  • Your name
  • Account number
  • Type of account you hold
  • Timeframe of the statement.

Also Read: How to Check Bank Balance Online from Home

Requirements for a Bank Statement

There are multiple reasons which necessitate a business or individual to procure a bank statement. Some of these are as follows:

  • To draw a parallel between all the expenses or credit balances in the financial books of a business and the details depicted in the bank statement
  •  In case a commercial business has overspent in some departments, it will give the business entity an idea of how to organise future expenses. Several individuals tend to indulge with their credit cards. A bank statement will give them insight into that and perhaps help them plan their expenses more practically.
  •  A bank statement is a valid proof of all payments made to dealers or distributors and cannot be contested by the beneficiaries.
  •  Several businesses choose to apply for loans for the expansion of their business. One of the key requirements of their applications to various financial lending institutes is providing their financial statements for a previous couple of years. Based on their credit scores, they are able to obtain loans.

What is the Process of Application for a Bank Statement?

You can apply for a bank statement either in digital format or visit the bank with a written application. Digitisation has made it easier to apply and access your bank statement online. There are many banks that share a monthly statement with their clients while others share a quarterly statement. Most banks have their own apps, which you can download onto your mobile.  Following are the steps to apply for a bank statement online:

  • If you are a first-timer, you will have to log into the website or the bank's app and create an account. In case of any confusion, you can seek the assistance of the bank’s customer service personnel.
  • Once you complete the log-in formalities, you will see multiple headings like bank statements or electronic statements.
  • If you want an e-statement, click on that heading key in the timeframe for which you want the statement. Before you download it, it is better to check the details and see if the timeframe is correct.
  • Download the statement, save it in an appropriately titled folder and log out of your account.
  • In case you want a physical copy, you will have to click on that option when you are logged in and make a requisition for the same. There are some banks that charge for such services.

If, on the other hand, you prefer going to the bank physically to get a statement, you will usually need to submit an application for the same. You can write your own application or fill up the template below and submit it at your bank to get the statement:

Also Read: Why is the RBI Called the Bank of Banks?

What are the Various Benefits of Obtaining a Bank Statement?

  • One of the key benefits of a bank statement is that it reflects instant abuse of your debit or credit card in case you have lost it. In a business organisation, it reflects misuse of the monetary savings, if any.
  • If your savings or the business profits earn a good amount of interest, it is reflected in the bank statement. You can invest that interest into some good stocks in the share market or make some long-term investment in mutual funds.
  • In case you find some irregularity where you think the bank has made some errors, you can always check with the bank at the earliest.
  •  A bank statement also enables you to curb unnecessary expenditures
  • Bank statements serve as valid proof of your savings, creditworthiness, and income tax returns. They come in handy when applying for loans.

Conclusion

The details of the above article clearly indicate the simplicity with which you can make a bank statement request letter. You can make a bank statement application in English or in your native language. The bank will be able to do the needful as it caters to a very diverse clientele. 

Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.

FAQs

Q: What is the meaning of a certified bank statement?

Ans:

A certified bank statement is a xerox copy of the original, which is duly signed by authorised bank personnel, e.g., the manager, and also carries the trademark seal of the bank.

Q: Is it okay to share your bank statement with others?

Ans:

No. A bank statement contains vital details about your monetary transactions, savings, creditworthiness, among other details. You should never share it with anyone.

Q: What details do you have to provide when writing an application for a bank statement?

Ans:

Some of the important details to be provided are :

The name of the person who has an account with the bank, the type of account the person has, whether savings, current, or business, the account number, and the time period for which you need the statement.

Q: Does a bank help an individual on how to write an application for a bank statement?

Ans:

Yes, for those who are totally unfamiliar, the bank where you hold an account will assist in writing an application for a bank statement.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.